Moving can already be one of the most stressful times in a person’s life, but it may be doubly so for a new home owner. For renters who aspire to be home owners, transitioning from an apartment to a house requires a shift in thinking that you may or may not be prepared to make. The financial changes that come with owning, the need to consider planting longer-term roots in a neighborhood, and new neighborhood rules are things renters may not be thinking about enough.
You need to understand how your financial investment is changing. Renters may see an increase in your monthly rent every lease term, but you don’t see exactly where it goes — toward property taxes and insurance, even “luxuries” such as trash pickup. As home owners, you don’t have a landlord who handles all those details, so you need to be ready to juggle the financial responsibilities of home ownership. Be aware of the importance of budgeting to make sure you make smart financial decisions during this process.
You need to be happy with your location for the long-term. As a renter, you can bounce around from home to home every year if you want. But when you own a home, you have to stay put — unless you plan on renting it out, which most home owners don’t. Location is going to play a much more significant role in your future, so you should think about evaluating school districts, access to amenities, and commute time now as you search for your next home.
You may need to abide by new rules. Renters don’t think about possible homeowner association rules you may be governed by, such as trash pickup rules or any curfews or rules pertaining to animals. Make sure to get all the information on neighborhood rules and associations to understand what your new obligations will be.
You’ll need to get into the mindset of an owner. Life as you know it is about to change. Once you purchases a new home, you will no longer have a landlord to tend to your many needs, including lawn care and plumbing. I will provide you with contact information for local industry experts including certified specialists ranging from HVAC companies to carpenters to electricians. You don’t have to do everything yourself – however, you will have to pay for it yourself.
Know your neighbors can affect your home value. Renters typically don’t care who their neighbors are as long as they’re quiet (enough). Property value comes down to curb appeal. Less-appealing neighborhoods often have more-appealing prices, which is not always good for buyers and home owners.
When you’re ready to stop renting and become a homeowner, I’d love to help. Give me a call – J.P. Cook – 602-320-4253.
Source: Rob Rimeris is owner of EverSafe Moving Co. in Philadelphia. EverSafe is a five-star, full-service company that offers affordable moving and storage services. http://realtormag.realtor.org/daily-news/2016/08/11/5-things-renters-should-know-about-owning?om_rid=AAT6BZ&om_mid=_BXthPGB9RSTgPN&om_ntype=NARWeekly
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